St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-05-26
On the Chicago Beard of Trade the Ex-
ultation of the Crowd Was Soon
Changed to Sorrow.
Thew Intended TO Make Raid Yester-
day, But the Clique Bought All the
June Wheat in Sight.
The People Engaged in the Corner"
Apparently Have an Unlimited Sup
ply Of Ready Cash.
Transactions in the Financial Circles
of Wall Street.-The General
Quotations.
rnncial to lhe CLONE.

Special to the Globe.
CHICAGO, May % The wheat clique re-
slmed the reins of the market this morning.
June wheat started at SSc and July at S6l2c.
This was I2c advance over last nights close,
but the advance was not the remarkable
thing. The circumstances which caused the
most comment, was the complete transfor-
nation which has occurred over night. The
short sellers went home eXultant at having
broken through the defenses the clique had
around the SSc point for June wheat. Anoth-
er tremendous assault was looked for at the
opeuing. and there were some faint-hearted
bulls and over-eontident bears, who really
expected that the brokers of the clique would
be in a foot race for some resting place. In
stead of that there were so many brokers in
the pit ready 10 take June ut SSc that it did
not get under that figure at all, and Irwin,
Green X Co. were buyers of Jnly. The Cos
sips said that 100000 in currency was
started from Cincinnati last night. At any
rate the air was not charged with alarm
ing bear rumors this morning ut the start.
The clique traders looked compliment, tho
day was theirs for the moment, at any rate.
II was a paper battle today, and was over
even before the wheat pit got started.
Schwartz, Dupee Y Co. called one of the
CLIQUE houses on $50, 900 margins and were
Immediately called back $4,000, another
house short TO ROsenfeld Il Co., called
them 81, 500 and were Immediately called
back $1,000 1t
DID NOT LAST LONG,
but ii was sharp and decisive and the clique
houses had decidedly the best of it. When it
was all over the bears had concluded that the
oil ;ybt IA
made to-day. June wheat was ''pegged'' at
SSc. II was plainly the intention not to per-
nit much advance beyond that figure, for the
clique houses sold sharply of that option at
SShc Only 1900 bu of wheat were shipped
from Minneapolis, a surprise to those who
have banked on the promise that not less
than 100000 bu would be started from
there this week. July was bulled by the out
siderS who sold il too freely yesterday. The
clique have nothing to do with it, although
Irwen, Green Il Co. bought sparingly of it.
II must have been for outsiders. Kershaw
says of the situation: Wheat is short abroad
and America is the cheapest market for good
grain. There are big shorts in this market
and they claim they have got wheat to ship
Us against their sales. They have not got it,
and know what am talking about. 1t does
not make any difference who is fighting this
market, no matter how much money or how
much wheat Wheat is Iowa good deal
lower than it will be thirty days from now"
THE ROUTINE REPORT.
CHICAGO, May pa repetition of yester-
days closing scene, when the short sellers
went home eXultant at having broken through
the defense the clique had around the SSc peg
for June wheat, was avoided this morning.
More brokers were placed in the pit, and in
order to raid to-day the crowd would have
had TO part with Il great deal more wheat.
The clique brokers had unlimited orders to
buy June wheat, and they took all the crowd
would sell them. They allowed u few par
ties 10 settle their June contracts at SSc, but
Only those were allowed to settle who had it
sold to them lower down, so that the settle
ment brought with it little profit for the
clique. The gossips said that 100000 i'll
currency was started from Cincinnati last
night June wheat opened l2c higher at 8Sc
and remained at about that figure throughout
Gator was changed from June to the July OPP
ton this morning, but June still remains the
more active option. July wheat also opened
around dghfs at s62c dn hung tbe steady Sdy
and closed at 867sc. Trading in June
and July was only moderately active
during the latter part of the session. July
corn opened shade tirmer at 401Sc, but
prospects of larger receipts of corn made it
weaker, and it sold down in the first hour to
3934c. Later in the day large purchases
tirmed it up, and July closed at 4O64Olsc. 1t
developed shortly after the corn market
opened that clicque brokers were in the pit
and were holding up the June option in
order to get rid of the balance of the cliques
purchases of that month, which were made
over month ago and which, it was the gen.
eral belief, had all qeen marketed. June
corn opened at $3.50 and closed at the same
figure. July ribs opened sc lower at S72O
and sold up during the morning to $3.50 and
remained at that figure until the close. July
lard opened at 1913 and closed at Sc 20.
Both commodities were dull and featureless.
THE QUOTATIONS..
The leading futures ranged as follows:
Wheat-No. 2 May, S714c, closing at S7l2c
June, S8c: closing at s8Ac; July,
sGl2c' closing at secs; August, s43sc, clos
ing at 377Sc; June, 3Slsc, closing at 3Sssc
July, 4O1sc, closing at doe; August,
Elise, closing at 41lsc. Oats-No. May,
23S4c, closing at 26c; June, 26Ac, closing at
265sc; July, &c, closing at 27Ac; Au-
gust, 26Ssc, closing atx26SSc. Mess pork
per Dbl. May, $3.50, closing at S23 so;
June, $500, closing at $3.50. Lard
per 100 lbs, May, $3.50, closing at S6.57I2
june, S5.62l2, closing at S6.57l2; July, 1878,
ing at $3.50. Short ribs-per 100 lbs, May,
S7.12l2, closing at S717I5: June, S7.12la'
closing at SITE: July, S7.20, closing at
$50; August S722l2, closing at $40.
Cash quotations were as follows: Flour I'm,
s7ls@S7sSc; No. spring wheat,
T9@81c; No. red, S7l2c. Corn
Rye-No. 2, see Barley-No 2, 57c.
Flax seed-No. 1, S1.13l2. Prime timothy
seed, S1.72@1.73. Mess pork, per Dbl, S23.
Lard, per 100 lbs, $500. Short ribs sides,
loose, S1.12l2@17.17: dry sailed shoulders.
boxed. S5.6O@570 short clear sides. boxed,
S7690765. Whisky-Distillers finished
goods, per gal. S1.1O. Receipts-Flour,
33, 600 bbls; wheat, 14s. 900 blu; corn, 254,
900 bu; oats, 2S5,000 bu:rye, 1000 bu bar
ley, 1000 bu. Shipments-Flour, 10000
bbls; wheat, 5000 bu: corn, 1914, 900 Blu
oats $4,000 bu; rye, 1000 bu; barley.
500 Blu. On the produce exchange to-day
the butter market was weak and large sup
ply; creamery, 13l2@17c; dairy, 11@15c.
Eggs firm, I034@114c